A bout of volatility was witnessed in mid-morning trade as key benchmark indices trimmed intraday gains. At 11:20 IST, the barometer index, the S&P BSE Sensex was up 69.57 points or 0.25% at 28,356.90. The Nifty 50 index was up 28.50 points or 0.33% at 8,773.65. Gains in Asian stocks supported domestic bourses.
The market breadth indicating the overall health of the market was strong. On BSE, 1,395 shares rose and 841 shares fell. A total of 192 shares were unchanged. The BSE Mid-Cap index was currently up 0.24%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.59%, outperforming the Sensex.
In overseas stock markets, Asian stocks rose tracking higher finish in US stocks yesterday, 28 September 2016 after the Organization of the Petroleum Exporting Countries (OPEC) took an important step toward a cap on crude-oil output, which helped in lifting oil prices. OPEC said it would reduce output to a range of 32.5-33.0 million barrels per day (bpd), a reduction of 0.7-2.2% from OPEC estimates of its current output at 33.24 million bpd. In economic data, US orders for durable or long-lasting goods flattened out in August after a sizable gain in the prior month, pointing to ongoing difficulties for American manufacturers.
Auto stocks gained. Mahindra & Mahindra (M&M) (up 1.25%), Maruti Suzuki India (up 0.5%), Eicher Motors (up 2%), Bajaj Auto (up 0.68%), Hero MotoCorp (up 0.96%), Tata Motors (up 0.69%) and TVS Motor Company (up 0.63%) gained. Ashok Leyland fell 0.37%.
Most realty stocks rose. Sobha (up 1.17%), Indiabulls Real Estate (up 1.87%), Unitech (up 3.92%), NBCC (up 0.89%), Godrej Properties (up 0.53%), Housing Development & Infrastructure (HDIL) (up 0.41%), and Oberoi Realty (up 0.05%) edged higher. DLF fell 0.13%.
Panacea Biotec rose 3.38% after the company announced shortage of life saving drug Cilamin 250 Capsule in the retail market. The announcement was made after market hours yesterday, 28 September 2016. Panacea Biotec said Cilamin 250 Capsule, used for treatment of Wilsons disease, Rheumatoid Arthritis and other conditions, witnessed short supply in the market during the last few months due to non-availability of raw material D-Penicillamine in India. Panacea Biotec said that its brand Cilamin 250 Capsules has been made available in limited quantities in the retail market. The temporary shortage is due to sudden disruption of supplies of raw material by qualified supplier beyond the control of the company. Since then company has been working tirelessly with alternate suppliers for supply of this raw material. Due to continuous efforts, the company has resumed limited production of Cilamin 250 and have released limited quantities in the market from 26 September 2016 from the company's manufacturing facility at Baddi under Good Manufacturing Practices.
The firm said it continues to work closely with existing and potential new raw material suppliers in China and India for access to the raw material in an accelerated manner. The company said it is in touch with Drug Controller General of India office for allowing imports of raw material in parallel to registration process under this emergency situation to ensure continuous access of this medicine to patients while other alternative sources in India are being also worked upon in an aggressive manner. As per current estimates, the company expects additional 2-4 weeks for access to additional quantities of raw material and additional 4 weeks for Cilamin 250 supplies to normalize.
Panacea Biotec said it is committed to do what all it takes to ensure continuous and sustainable access of good quality Cilamin 250 a critical lifesaving drug to patients.
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Marathon Nextgen Realty rose 2.69% to Rs 270.75 after the company's were listed and admitted to dealings on the National Stock Exchange of India with effect from today, 29 September 2016. Shares of Marathon Nextgen Realty had gained 10.06% to settle at Rs 263.65 yesterday, 28 September 2016 after the company said that shares of the company will be listed and admitted to dealings on the National Stock Exchange of India with effect from 29 September 2016. The announcement was made during market hours on 28 September 2016.
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